35-17 42nd Street and 42-08 35th Avenue have been sold
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“According to spokesperson Dara McQuillan, Silverstein has turned its attention to Manhattan, with work underway at 2 and 5 World Trade Center and a casino proposal at the Javits Center. The firm has expressed uncertainty over the multifamily development tax policy following the expiration of 421-a”
Looks like Silverstein is locking in lol
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Ah, Silverstein is NOW determined to complete the World Trade Center. Yet it could’ve been done a decade ago. Listen I’m pro development, but after all of this time Silverstein is full of shit. I hate to say that towards someone who’s owned the site since July 2001. But this is all fucking atrocious
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They didn’t have money or an anchor. Now they do.
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this article discusses the new plan for 35-18 Steinway Street
While BedRock and L+M plan to build housing on the site, they control only two of the five original properties, leaving no path to realizing the full 3,200-unit plan.
New plans call for a 27-story, 560-unit, 498,000-square-foot tower at 35-18 Steinway Street, designed by Beyer Blinder Belle. The $47.7 million site is currently home to a 33,000-square-foot P.C. Richard store and parking, and the developers intend to keep space for the retailer in the project, according to The Real Deal.
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Political pressure of this sort in the past 3 years was significant in making this uneconomic.
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God he’s such a nimby. I just know the housing boom we got from Adams is going to stop with him
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I hope he’s changed his tune since then.
That tweet was from 2022, so let’s remember that he is a person too. His stance may have changed since then
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“Rent freeze’“ will surely not drive developers away!
People of the likes of him always run on policies that decapitate specifically the developments that are already aiming to be high density and had pledged a % of rent controlled portions aside, etc. etc.
Just as in the ridicilous saga of trying to turn 5wtc into “50%, 100%” affordable housing and the pressure campaign that ensued, how can serious people even propose that. And yet their lobbying often times has an effect.
“City of Yes” is the only way ahead.
And his stance miraculously changed on many things in the past weeks, somehow.
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His rent freeze idea is strictly tied to the rent control boards decision making on rent increases.
Also in 2022 we did not have conclusive studies that show more supply of any kind would keep rents from increasing on older stock of housing.
Now that there are several studies that demonstrate that any new housing is good housing it is harder for those who were arguing otherwise to continue with that line of thinking, if they are arguing in good faith that is.
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They are now calling this Steinway Crossing:
LMXD and BedRock Real Estate Partners have closed on a $250 million loan to facilitate the purchase and construction of a housing development in Astoria, Queens, Commercial Observer has learned.
The financing from New York Life Investment Management gets the wheels turning on the development of 560 mixed-income housing units at 35-10 Steinway Street, as well as a new retail location for a P.C. Richard & Son store in the neighborhood, according to the developer.
BedRock and LMXD acquired the site, which includes 35-18 Steinway Street, for $53 million last week.
The building will be designed by Beyer Blinder Belle Architects & Planners with all-electric infrastructure.
Construction on the new development is set to begin this month, with an expected completion date in 2029, the developers said.
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